以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 行业定义 可控核聚变（ Controlled nuclear fusion）是指在一定条件下，控制原子核聚变反应的速度和规 模，使其能够安全、持续、平稳地输出能量的过程。其最常见的反应是让氢的同位素氘和氚在极高温 度下聚合生成氦，并释放巨大能量。该技术模拟太阳发光发热的原理，因此被称为"人造太阳"。 可控核聚变是人类能源领域的 "终极梦想"，它通过将轻原子核聚合成较重的原子核来释放巨大能量， 其原理与太阳发光发热的本质相同。与传统的核裂变反应堆相比，可控核聚变在燃料来源、安全性、 放射性废物处理等方面具有显著优势。氘和氚作为主要燃料，可从海水中大量提取，理论上可供人类 料、低活化钢、氚增殖材料等特种材料，以及高精度真空泵、低温制冷系统等辅助设备，直接决定聚 变装置的运行温度、约束时间和能量转换效率。 使用数亿年；反应过程不产生长寿命高放射性核废料，且不具备链式反应失控条件，本质安全性更 高。 来源： T uition P hysics 从发 ...

Core Insights - The article highlights the advancements of Xin'ao Group in hydrogen-boron fusion research, particularly through their "Xuanlong-50U" spherical device, aiming for commercial viability by 2035 [2][3][4] Group 1: Research and Development - Xin'ao Group has focused on hydrogen-boron fusion since 2017, aiming to overcome the traditional belief that fusion technology is decades away from commercialization [2][3] - The "Xuanlong-50U" device is central to their research, with daily experiments conducted to gather data and improve technology [5][6] - The company has upgraded its initial device to "Xuanlong-50U," which is set to enhance performance for high-parameter hydrogen-boron fusion experiments [5][6] Group 2: Strategic Choices - Xin'ao Group's choice of hydrogen-boron fusion is based on its potential to meet future energy demands while avoiding the "bottleneck" issues associated with fuel supply [3][4] - The hydrogen-boron fusion process produces no radioactive waste, utilizes abundant and low-cost materials, and allows for efficient direct energy conversion [4] Group 3: Future Goals and Collaborations - The company aims to achieve hydrogen-boron fusion reactions by 2026 and commercial power generation by 2030, with a long-term goal of demonstrating fusion technology by 2035 [8] - Xin'ao Group has established a collaborative network with 75 leading institutions across 11 countries to enhance global fusion research efforts [7] - The integration of AI into their research processes aims to improve experimental efficiency and support future energy demands [8]

Core Viewpoint - The article highlights the advancements and strategic direction of Xin'ao Group in the field of hydrogen-boron fusion research, emphasizing its unique approach and commitment to commercializing fusion energy by 2035 [1][2]. Group 1: Research and Development - Xin'ao Group's hydrogen-boron fusion research is centered around the "Xuanlong-50U" spherical device, which utilizes AI algorithms for real-time plasma control and monitoring [1]. - The company has made significant progress since 2017, focusing on the hydrogen-boron route, which is considered to have higher commercial potential despite its technical challenges [2][3]. - The "Xuanlong-50U" device has undergone upgrades, achieving a record of 1 million amperes of hydrogen-boron plasma discharge in April 2025, marking a significant milestone in the research [5]. Group 2: Strategic Choices - Xin'ao Group's choice of hydrogen-boron fusion is driven by the need to address future energy demands, emphasizing clean, stable, and flexible energy solutions [2]. - The company aims to avoid the "bottleneck" of fuel supply issues by selecting a fusion route that is environmentally friendly and has abundant raw materials [3]. - The magnetic confinement spherical ring device is specifically designed to maximize the potential of hydrogen-boron fusion while minimizing space and cost barriers for commercialization [3]. Group 3: Collaborative Efforts and AI Integration - Xin'ao Group has established a collaborative network involving 75 top institutions across 11 countries to enhance its research capabilities [6]. - The company has initiated an AI-driven approach to improve plasma control and fault monitoring, significantly increasing experimental efficiency [6]. - The integration of AI in fusion research is expected to support the future energy demands of AI technologies, creating a positive feedback loop in technological development [6]. Group 4: Future Goals - Xin'ao Group is pursuing a three-step strategy of "experiment - ignition - power generation" to advance the commercialization of hydrogen-boron fusion [7]. - The company aims to achieve hydrogen-boron fusion reactions by 2026 and commercial power generation by 2030, with a goal of entering the demonstration phase by 2035 [7].

Core Viewpoint - The article highlights the advancements and strategic direction of Xin'ao Group in the field of hydrogen-boron fusion research, emphasizing its unique approach and commitment to commercializing fusion energy by 2035 [1][2]. Group 1: Research and Development - Xin'ao Group's hydrogen-boron fusion research is centered around the "Xuanlong-50U" spherical device, which utilizes AI algorithms for real-time plasma control and monitoring [1]. - The company has made significant progress since 2017, focusing on hydrogen-boron fusion as a viable path to overcome the challenges of traditional fusion methods [2]. - The "Xuanlong-50U" device has undergone upgrades, achieving notable milestones such as the first million-ampere hydrogen-boron plasma discharge in April 2025, marking a significant advancement in the field [4]. Group 2: Strategic Choices - The decision to pursue hydrogen-boron fusion was based on a thorough analysis of future energy demands, with a focus on clean, stable, and flexible energy solutions [2]. - Hydrogen-boron fusion offers advantages such as non-radioactive byproducts, abundant and low-cost fuel sources, and the potential for direct electricity generation, which enhances its commercial viability [2][3]. - The magnetic confinement spherical ring device was chosen for its ability to maximize the potential of hydrogen-boron fusion while minimizing space and cost barriers for commercialization [3]. Group 3: Collaborative Efforts and AI Integration - Xin'ao Group has established a collaborative network involving 75 leading institutions across 11 countries to enhance its research capabilities and integrate into the global fusion research ecosystem [5]. - The company has initiated an AI-driven approach to improve plasma control and fault monitoring, significantly increasing experimental efficiency and addressing challenges in fusion research [5]. - Xin'ao Group aims to achieve hydrogen-boron fusion reactions by 2026 and commercial fusion power generation by 2030, with a long-term goal of entering the demonstration phase by 2035 [6].

产线背景 2026年1月23日，岩超聚能(上海)科技有限公司(以下简称"岩超聚能")在位于合肥的研发基地建成了中国 首条仿星器三维超导磁体产线，并正式投入运行。合肥市发展改革委综合性国家科学中心工作处处长李 辰、合肥高新区科学技术局副局长卢晨晨、行业专家学者、来访嘉宾受邀出席产线启动仪式，与股东方 上海岩山科技股份有限公司(以下简称"岩山科技")董事长叶可先生、岩山科技总经理&岩超聚能董事长 陈于冰先生、岩超聚能创始人&CEO郝祥林博士及合肥研发基地员工一起，共同见证了中国超导仿星器 聚变路线的这一重大进展。 仿星器是一种利用外部三维磁体线圈产生螺旋磁场的环形磁约束聚变装置，无需电流驱动、无等离子体 破裂风险、内在稳态、理论上可无限期连续运行，被视为最具商业化竞争力的聚变路线之一。同时仿星 器也是全球公认的技术壁垒最高的聚变路线之一，其最大的工程难度是高精度三维超导磁体线圈的制 造。不同于技术相对成熟的托卡马克TF、PF等二维平面超导磁体线圈，仿星器采用三维超导磁体线 圈，无论是设计、制造、安装都存在极高的工程难度。 图2: 托卡马克二维磁体线圈(左)，仿星器三维磁体线圈(右) 图1:中国首条仿星器三维超导磁 ...

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

记者丨 赵云帆 编辑丨朱益民 2026年开年，A股热钱持续席卷可控核聚变领域。数据显示，1月23日，Wind核聚变指数本月最 高上涨20.5%，截至目前上涨15.92%，板块月度成交额超7800亿元，接近 2025年 12月全月8200 亿成交总额。 被当成概念爆炒的部分涉核聚变业务公司，"顺水推舟"披露更多相关进展；部分公司则急于"划 清界限"或澄清业务规模较小，以正视听。 据21世纪经济报道记者不完全统计， 近期已经有包括中集环科、安泰科技、天工国际、旭光电 子等多家公司明确涉足可控核聚变。 与此同时，诸多企业也向市场投资者发出相关业务体量较小、对公司短期收入无太大影响的风险 提示，配合监管层遏制市场无序炒作。 资本市场上，1月23日，截至发稿， 核聚变概念股多数上涨，锌业股份、豫光金铅、西部材料涨 停，天力复合涨超7%。 | 名标 | 现价 | 涨跌幅 ▼ | 换手率 | 市智容 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 锌业股份 | 5.72 | 10.00% | 13.95% | 135 | 39.85% | | 豫光金铝 | 16.94 | ...

Core Viewpoint - Hefei is accelerating the commercialization of nuclear fusion through a collaborative model of "policy + technology + capital + industry," positioning itself as a global leader in the nuclear fusion industry [1][2]. Group 1: Development and Achievements - Over the past year, the question of how far China is from achieving a "man-made sun" has frequently appeared in trending searches, indicating a growing public interest in nuclear fusion [1]. - Hefei has transitioned from basic scientific research to engineering applications, supported by AI technology, which is expected to expedite the process beyond initial expectations [1]. - The city has established a comprehensive industrial chain, evolving from controlled nuclear fusion research initiated in the 1970s to a cluster of world-class fusion devices, including EAST, BEST, and CRAFT [3][4]. Group 2: Strategic Framework - The "three-step" strategy for fusion commercialization includes the development of experimental, engineering, and commercial reactors, with specific milestones set for 2022-2035 [6]. - The first phase (2022-2027) focuses on completing fusion power demonstration verification using BEST, while the second phase aims to construct China's fusion engineering demonstration reactor (CFEDR) by 2030 [6]. - The final phase targets the establishment of commercial reactors by 2040, led by commercial companies in collaboration with industry chain enterprises [6]. Group 3: Ecosystem and Talent Development - Hefei's nuclear fusion ecosystem is supported by a large scientific apparatus cluster, with the Plasma Physics Research Institute at its core, which has developed significant devices for fusion research [7][9]. - The establishment of the Anhui Fusion Industry Association has brought together over 200 member units, covering key areas of the fusion supply chain [9]. - Hefei is addressing the shortage of engineering talent in the fusion field by creating a "college training + fund support" model, with plans to establish 10-20 fusion colleges across the country in the next five years [9][10]. Group 4: Capital Support - Hefei has developed a capital system characterized by "state-owned guidance + social participation + full-cycle service" to support the three-step strategy [12]. - A venture capital fund focused on fusion energy has been established with an initial scale of 1 billion yuan, aimed at matching the long-term characteristics of technology breakthroughs and industrial cultivation [12]. - The "Fusion Financial Institutions Alliance" has been formed to provide comprehensive financial services to fusion industry chain enterprises, enhancing capital accessibility [12].

Core Insights - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the nuclear fusion index rising by 12.91% so far in January 2026, and monthly trading volume approaching 780 billion yuan [1] - Several companies, including Zhongji HuanKe and Antai Technology, are actively involved in the nuclear fusion business, while others are clarifying their limited involvement to manage market expectations [1] Industry Developments - The nuclear fusion industry in China has entered a rapid development phase, with significant progress reported in the compact fusion energy experimental device (BEST) located in Hefei, expected to be completed by 2027 [2] - The fundamental principle of controllable nuclear fusion mimics the sun's energy production, requiring extreme conditions to sustain the fusion reaction safely [2] - The implementation of controllable nuclear fusion typically involves magnetic confinement methods, with abundant and easily obtainable raw materials like deuterium from seawater [2] Market Participation - A-share market participants are focusing on the upstream, midstream, and downstream sectors of the Tokamak equipment supply chain, including superconducting materials and power plant operations [3] - The implementation of the "Atomic Energy Law" in China on January 15, 2026, supports the development of controlled thermonuclear fusion, laying a foundation for the emerging industry [3] Investment Trends - Over the past five years, approximately 6.5 billion USD has been invested in the commercialization of fusion energy, with around 70% of companies expecting to achieve their first commercial demonstration by 2035 [4] - Star Ring Fusion recently completed a record 1 billion yuan Series A financing, with plans to start commercial demonstration pile construction by around 2032 [5] - Companies like Zhongji HuanKe are exploring partnerships in the nuclear fusion sector, investing 30 million yuan in Star Ring Fusion while leveraging their expertise in high-tech fields [5] Corporate Activities - Antai Technology has engaged in significant projects related to nuclear fusion, including a partnership with the Hefei Comprehensive National Science Center for advanced filter development [6] - Tian Gong International has made breakthroughs in new materials for nuclear fusion devices, while Western Superconducting is involved in producing superconducting materials for international fusion projects [6]

Core Insights - Controlled nuclear fusion has emerged as a hot investment sector in 2026, with significant attention from both primary and secondary markets [3][4] - The global investment landscape for fusion technology is primarily centered in the US and China, with the US accounting for approximately 53% and China for about 34% of total investments [1][4] - The Chinese government has established a supportive policy framework for nuclear fusion, as highlighted by the implementation of the Atomic Energy Law and the inclusion of fusion energy in the 14th Five-Year Plan [3][4] Investment Landscape - The total investment in magnetic confinement fusion technology has exceeded 60 billion euros (approximately 485.74 billion RMB), with private enterprises dominating the foreign investment landscape [1] - A new venture capital fund, the Hefei Future Fusion Energy Fund, has been launched with an initial scale of 1 billion RMB, aimed at supporting key technologies in the fusion energy sector [9][10] - The Shanghai Future Industry Fund, established in September 2024, has grown to 15 billion RMB and is focused on technology commercialization in the fusion energy field [10] Key Players - The national team in China includes major entities like Fusion Energy (Anhui) Co., which is focused on developing the BEST project, a compact fusion energy experimental device [4][6] - China Fusion Energy Co. is another key player, planning to complete the HL-4 fusion experimental device by 2030, aiming for a fusion gain (Q) of ≥5 [7] - Private companies such as Xi'an Xinghuan Fusion Technology Co. and Hanhai Fusion Technology Co. are emerging, often stemming from research institutions and universities [7][14] Market Dynamics - The fusion sector is witnessing a surge in private capital, with a consortium of 15 financial institutions forming a Fusion Financial Institutions Alliance to create a collaborative ecosystem [11] - Recent financing activities include a record 1 billion RMB Series A round for Xi'an Xinghuan, indicating strong investor interest in the sector [13] - The controlled nuclear fusion index has seen a significant increase, with a 70% rise since January 2025 and a 13.5% increase in 2026 [14][15] Future Outlook - The industry is still in its nascent stages, requiring substantial funding to support research and project implementation [14] - Market focus is expected to shift towards tangible technological advancements, including breakthroughs in Q values and financing for subsequent devices [15] - The maturation of the fusion energy supply chain will take time, with investment returns likely to align with gradual industry development [15]